Wall Street Journal: China’s President Xi Jinping Personally Scuttled Jack Ma’s Ant IPO
Fri November, 2020, Age: 3 years
Chinese Communist Party General Secretary Xi Jinping personally halted what would have been a record breaking IPO for the Ant Group. The move came after Ant CEO Jack Ma reportedly infuriated officials by criticizing the tight regulations on the financial market and regulators in China. Xi has recently displayed a low tolerance for large rich companies that question authority. After hearing of Ma’s comments, which were made at an event in Shanghai on October 24, Xi ordered an investigation into the IPO, all but shutting it down.